An old company's Firm Free Cash Flow (FFCF, same as CFFA) is forecast in the graph below.
![Image of option graphs](deals/deal343FFCFVsTime.png)
To value the firm's assets, the terminal value needs to be calculated using the perpetuity with growth formula:
###V_{\text{terminal, }t-1} = \dfrac{FFCF_{\text{terminal, }t}}{r-g}###
Which point corresponds to the best time to calculate the terminal value?